It’s been a while since we’ve heard very good news about Bitcoin’s price. Sure, the recent rally was a positive sign, but still, Bitcoin has been in a deadlock for the past few weeks. Until yesterday when it rushed to $30,000, showing once again that it can break through any support level if given enough time.
The Bitcoin rally continues, gaining over 80% this year which is incredible. No one expected such a jump late last year when FTX collapsed, with many calling it the harbinger of doom for the crypto market. Not only Bitcoin and cryptos persevered, the world’s leading cryptocurrency started to rise again, and we’re all happy for it.
A Sharp and Fast Rise
It’s been nearly two months as Bitcoin started growing after a particularly tough couple of years. FTX’s collapse nearly ended it all, but Bitcoin persevered and slowly started climbing back. Not just climbing. The fact that it persevered surely gave investors the reassurance it needed, with the demise postponed for a much later date.
Bitcoin climbed level after level in the past month, although no one expected it to reach these heights. On Tuesday this week, Bitcoin hit $30K for the first time in almost a year. The last time the price was that high was in June 2022. That was back when the Celsius lending company froze withdrawals, which was the reason for its collapse and the crypto market’s decline.
Things didn’t look great since then, but surprisingly, they’ve improved a lot this year. Bitcoin’s gains are over 80%, although it’s still far off its all-time record high. In November 2021, Bitcoin rose to $68,000 and it would have climbed higher if it wasn’t for Terra’s failure to launch the crypto winter.
Nearly two years later, Bitcoin’s over half that price down, yet the recent price jumps have refueled discussion of a new crypto boom. To be honest, we’re all waiting for it, and while things don’t jump as fast as they did before, everything’s going in the right direction.
Protection Against Traditional Economy
Recent banking troubles around the world have led cryptocurrency fans to turn to Bitcoin, the original coin in this sector. They turn to it as kind of a ward against fears that traditional finance will crumble. Although governments won’t let that happen, it’s good that people have at least an alternative.
The early rally this week was fueled by no catalyst, if Alex Adelman’s claims are to be believed. He’s the chief executive of Bitcoin rewards app Lolli, so he surely knows his business. According to Adelman, the price rally was a sign of Bitcoin’s newly-found market conditions and strong investor confidence. In short, the crypto market is emerging from the so-called crypto winter and entering a new phase of strength and renewed interest from investors that can only lead to positive things.
After years of uncertainty and market struggles, Bitcoin is back to where it belongs. We hope that this is an early sign of a bullish market which could see the previous records broken yet again.